Foreclosure Connections Blog

The Hillary Clinton´s Foreclosure Proposal To Help Veterans

With recent reports showing that many service members and veterans are facing difficulties on mortgage payments, Hillary clinton announced new proposals to protect these veterans and service members. The new proposals intend to propose new affordable and stable fixed mortgage rates, and she will build an agenda to address the crisis.

In 2003, the Congress passsed the SCRA(Service Members Civil Relief Act) that intends to to help active-duty military personnel. The Service Members Civil Relief Act offers important protections on foreclosure, to help them to continue mortgage payments and avoid foreclosure. The problem is that these protections are not categorical and lenders are often ignoring them.

The idea of Hillary is to improve the existing SCRA foreclosure protections so that military personnel, including returning veterans, have more time to put their lives back on track to continue with their mortgage payments. The current protections are only valid for 90 days and Hillary wants to extend that protection period for 9 months. Hillary wants to ensure that every service member and veteran, who has been caught on the crisis by an unaffordable subprime or expensive adjustable rate mortgages, can move an affordable, fixed-rate mortgage with the support of the government.

With thousands of troops in Iraq, and the real estate crisis, it is surely a good move from Hillary to protect these Army members while they are fighing for their country.